Category: Estate Planning

Daniel Brockley

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Nov 17, 2022

Trusts come up a lot in estate planning, and for good reason. They can be incredibly effective in helping fund education, provide for heirs, donate to charities and more. For high net worth individuals, trusts are also an important strategy to reduce taxable estates. The basics: What are trusts? Trusts are legal entities, much like corporations, which are considered distinct from the various parties involved. Trusts come in many forms, but in essence they are fiduciary arrangements in which, as the IRS states, “one person (the trustee) holds title to property or assets…for the benefit of another (the beneficiary).” The...

Daniel Brockley

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Nov 03, 2022

Curiosity – genuine curiosity – is one of the most important traits a financial advisor can have. Sure, this means curiosity about the different levers and pulleys of the economic machine, but it also means curiosity about clients. Not just about their risk tolerance, but about what makes them tick. Their goals, their fears. What gets them out of bed in the morning. A deeper understanding of clients as people, not just portfolios, enables you to bring the kind of value that goes far beyond index funds. There are certain times in life that lend themselves to these clarifying conversations–when...

Daniel Brockley

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Oct 20, 2022

A last will and testament (also known as a will) is a legal document that outlines your instructions in the event of your death. It provides direction to your family, chosen representatives, and the court regarding how your assets should pass, as well as who should take care of your minor children (or pets!). Without a Will that expressly explains your wishes, the court will identify who gets your assets (generally your next of kin), based on applicable laws. And as for your kids? Well, without a Will, the court will make those decisions, too. In the United States, wills...

Daniel Brockley

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Oct 04, 2022

It’s officially a bear market, now what? How advisors can add value when times are tough It’s brutal out there. After riding the sugar high of the pandemic, client portfolios – and probably your own portfolio as well – have found themselves in miserable hangover territory. The S&P recently hit a two year low and the Dow, not to be outdone, touched a yearly bottom as well. Instead of celebrating portfolio windfalls with your clients, you’re likely having some difficult conversations. But as challenging as these times are, there’s opportunity here. The current climate is the perfect chance to show...

Jim Sinai

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Sep 19, 2022

Tax planning for clients with taxable estates has always been complex. We’ve learned the best way to explain estate planning strategies is with diagrams, not documents. That’s why we’ve put together this deck of 10 diagrams to explain some of the advanced strategies and why household with $10M in assets should care about estate tax. Why $10M in household assets? In 2026 the Estate Tax exemption drops down to just about $10M (or higher based on inflation). The 10 diagrams explain both why you need advanced strategies and how 8 different strategies work. We’ve explained them all below but if...

Vanilla

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May 25, 2022

How millennials think about wealth management—including estate planning Millennials take their financial lives seriously—and they’re ready to enlist the experts to help. The past few years have seen a lot of change in the financial lives of millennials. The generation born between 1981 and 1996 is approaching their peak earning years and hitting major milestones from having kids to buying houses to starting businesses. According to one report, there are more than 618,000 millennial millionaires in the United States. And with the Great Wealth Transfer on the horizon, millennials are poised to inherit another $68 trillion from their Baby Boomer...

Vanilla

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Aug 13, 2021

Ultra-high net worth (UHNW) individuals’ estates are inherently complex and far-reaching, so having a comprehensive estate plan is vital to ensure a smooth transfer of wealth between generations and avoid expensive legal battles at death. But that doesn’t guarantee that these UHNW individuals are any more educated on estate planning processes and pitfalls. Even though 64% of wealthy individuals place a high value on the legacy they can pass on to the next generation, a full 39% do not have a comprehensive estate plan, according to the U.S. Trust Insights on Wealth and Worth. As their trusted financial advisor with...

Vanilla

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Jul 19, 2021

Deciding who gets what after one’s passing is tough. According to a survey by Caring.com, only 42% of American adults have essential estate planning documents, such as a will or a living trust. People avoid planning for the inevitable for many reasons. But for blended families, a major reason is that estate planning requires more than a simple will. Many difficult questions come up: How do I ensure everyone is well taken care of after I am gone? Should I leave everything to my spouse and hope they take care of my children? How do I avoid disinheriting my children?...

Vanilla

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Jul 08, 2021

You’ve built a solid financial foundation for your client, made investments with an eye on the future, and helped them strive toward making their financial goals a reality—but what happens once they pass on? Without preparation, the months following a client’s death can be a chaotic mess for a financial advisor. Assets need to be found, collected, and handed over to whoever is handling the estate. You put in hours of work, and in the end, you are left clientless, watching the assets you carefully tended for your client in life tangled in probate court and wasted on fees and...